Velocity Futures Question
- Thread starter T-Bone Trader
- Start date
Yes. (Just note the comments about it being down yesterday and this morning though. Technology is great until it stops working.)
I don't know why charts are not showing. My tt charts are working fine.I've been posting screenshots in a different thread. We have our own FMDS server at my shop and have not had any problems
http://www.elitetrader.com/vb/showthread.php?s=&threadid=135163&perpage=6&pagenumber=4
http://www.elitetrader.com/vb/showthread.php?s=&threadid=135163&perpage=6&pagenumber=4
Velocity dodged a big bullet. But hey it's only money. Your money.
"Because Velocity has limited assets, any transaction that Sentinel enters into in order to generate funds to pay Farr will have a direct impact on Velocity," the company said in its motion. "The disposition of Farr's claim may, as a practical matter, impair or impede Velocity's ability to protect its interests."
http://www.marketwatch.com/news/sto...x?guid={86FD98C0-CBA1-48C4-B1A0-E144E76BAC0E}
In all fairness, I think its worth noting that technically, Velocity didn't do anything wrong. According to NFA regulations, they are allowed to keep customer segregated funds on deposit with other FCM's, which Sentinel was, and I don't believe they were sanctioned in any way for the events that transpired (note how its referred to as the Sentinel debacle and not the Velocity debacle). Also, they went to court immediately and recovered 100% of customer funds. Other than being inconvenienced for about a week, where wire transfers were temporarily put on hold and customers were unable to withdraw their funds, I don't think any customers were affected and nobody lost any of their money.
If you do an ET search you'll find several threads regarding this issue as it unfolded in realtime.